4^th Edition — August 2004

• Introduction
• The Risk Management Process (Type 2A)
• Summary Report
• Step 1:  Initiate the Process
  • S1.1  Describe the situation/activity
  • S1.2  What is the hazard?
  • S1.3  Identify the risk management team
  • S1.4  Who are the stakeholders?
  • S1.5  Is stakeholder consultation necessary to analyze the risk?
  • S1.6  Is the stakeholder consultation within the team’s scope?
• Step 2:  Perform a Preliminary Analysis & Estimate the Risk
  • S2.1  What are the components of the hazard and the risks associated with this activity?
  • S2.2  What is the Exposure Interval?
  • S2.3  Develop risk scenarios
  • S2.4  Establish consequences for each risk scenario
  • S2.5  Assess the risk scenarios and consequences in terms of probability, severity and exposure
• Step 3:  Evaluating the Risk Activity
  • S3.1  What is the activity that exposes Transport Canada to risk?
  • S3.2  Assess the possible cost and benefits to Transport Canada
  • S3.3  Summarize the costs/benefits in terms of impact
• Step 4:  Control the Risk
  • S4.1  What are the possible methods for controlling the risks identified in the risk scenarios developed in Step 2.3?
  • S4.2  Complete the Criterion/Weighting Matrix to determine preferred option
  • S4.3  What is the preliminary choice? (option with the highest weighting)
  • S4.4  What are the residual risks associated with this option and are they acceptable?
  • S4.5  Select final option/risk control measure
• Step 5:  Take Action
  • S5.1  Develop implementation plan, as required
• Step 6:  Monitor Impact/Follow Up
  • S6.1  What activities should be monitored?
  • S6.2  When should the activities be monitored?
  • S6.3  Determine method of monitoring the activities
  • S6.4  Assess the effectiveness of the risk control measures on the activities
  • S6.5  Evaluate the effectiveness of the risk analysis process

Appendices

• Appendix 1:  Risk Analysis
• Appendix 2:  Application
• Appendix 3:  Definitions
• Appendix 4:  Work Sheets